Treasury Laws Amendment (2017 Measures No. 2) Act 2017 (55 of 2017)

Schedule 1   Amendments relating to superannuation reform package

Part 1   Amendments

Income Tax (Transitional Provisions) Act 1997

17   At the end of Subdivision 294-A

Add:

294-80 Structured settlement contributions made before 1 July 2017 - debit increased to match credits

(1) This section applies to you if:

(a) on 1 July 2017, a transfer balance debit arose in your transfer balance account under item 2 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997; and

(b) the sum of all the transfer balance credits that arise in your transfer balance account under item 1 of the table in subsection 294-25(1) of that Act exceeds the amount that would, apart from this section, be the amount of that debit.

(2) Despite column 2 of item 2 of the table in subsection 294-80(1) of the Income Tax Assessment Act 1997, the amount of the transfer balance debit is instead equal to the sum worked out under paragraph (1)(b) of this section.